It’s easy for us to say that in order for a marriage to last, it should have love, acceptance, and commitment, but let’s face it; money can change the most perfect human being you’ve ever met into a whole new person. It creates problems, worries, and other financial issues that will eventually cause unhappy marriages. If you don’t take financial management seriously, it could potentially ruin the marriage you cherish the most.
Being married means having to deal with all types of expenses such as rent and bills with only having one income. Even if you and your spouse both earn money, there are still a lot of unexpected financial issues you both have to take care of. You have to educate yourself about these issues so when or even before it happens, you’ll know what to do.
Not Discussing Money
A lot of marriages has gone through struggles because they weren’t open and honest with each other's finances. If both of you practice bad habits, it will stick with you and cause a dent in your marriage later on. It’s important for money to be discussed in marriage because both of you are building a life together - which means you must take care of debts, bills and other expenditures together. Not opening up about each other’s financial challenges is also a sign of lack of loyalty and trust in marriage.
Not Following a Budget
Planning a budget as a couple will help both of you to focus on achieving your goal. It also sets up rules to follow in order to avoid unnecessary spending. Couples who do not follow a budget normally find themselves cramming up, stressing out how to find the money to pay for the bills when they should’ve paid it a week ago but failed because they went out for an expensive dinner instead. Not having an allowance or an allocated budget for a specific month, will eventually lead to financial struggles later on. It’s important to create and strictly follow your budget as a couple and spend your money according to your means.
Not Having an Emergency Fund
Did you know that a recent study said that 39% of Americans only set aside $1, 000 as an emergency fund? This is not a very smart move at all. Sure, you at least saved up some money, but what if you get into a car accident or your spouse suddenly becomes ill, or worst, both happen at the same time? We know saying what ifs can be ridiculous but it’s definitely better to be ready than never! Notice that we didn’t even mention about the bills you need to pay while you or spouse is sick - the bills will keep on coming whether you’re feeling well or not. Avoid putting a huge strain on your marriage by putting away a certain amount out of your paycheck every month so whether that what-ifs happen or not, you got you and your spouse covered.
Not Merging Your Finances
If you’re constantly worried or is resentful about the student loan your soon-to-be-spouse have, you may want to reconsider getting married. You must let go of the past, move forward together, merge your finances and help your spouse resolve her financial struggle. After all, that is what marriage is all about; being one. Not merging your finances will only cause doubt, resentment, mistrust, and carelessness. If you’re not sure whether to have a joint account or not, ask the advice of someone you trust, a financial advisor or maybe a counselor. As much as you want to marry the love of your life, you have to carry all of his or her burdens too and you have to find out if you’re ready for that right about now.
Incorrect Filing of Taxes
Choosing a filing status that will add strain to your finances instead of having the chance to save up some money is one of the most common financial mistakes made by couples. There are advantages and disadvantages you need to consider in choosing whether to file separately or file jointly. Depending on what you choose, you can enjoy credits and tax breaks or miss getting the maximum number of deductions. If you’re not sure which one to choose, talk to a tax professional who can give you an advice as to which filing status will benefit you more as a married couple and which is not.
